Freight and logistics provider Covenant Logistics (NASDAQ:CVLG) will be announcing earnings results tomorrow afternoon. Here’s what you need to know.
Covenant Logistics missed analysts’ revenue expectations by 2.8% last quarter, reporting revenues of $287.9 million, flat year on year. It was a mixed quarter for the company, with a solid beat of analysts’ EBITDA estimates but a miss of analysts’ Freight revenue estimates.
Is Covenant Logistics a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting Covenant Logistics’s revenue to grow 3.3% year on year to $283.1 million, a reversal from the 7.5% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.49 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Covenant Logistics has missed Wall Street’s revenue estimates four times over the last two years.
Looking at Covenant Logistics’s peers in the transportation and logistics segment, only FedEx has reported results so far. It missed analysts’ revenue estimates by 0.6% and delivered flat year-on-year revenue. The stock was down 0% on the results.
Read our full analysis of FedEx’s earnings results here.There has been positive sentiment among investors in the transportation and logistics segment, with share prices up 5.3% on average over the last month. Covenant Logistics is up 1.5% during the same time and is heading into earnings with an average analyst price target of $35.67 (compared to the current share price of $27.03).
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